Highlights
Yesterday's producer price report showed the initial effects of tariffs on steel prices and today's unusual jump in business inflation expectations, up 2 tenths to a year-on-year 2.3 percent, may very well also reflect the tariff impact. April's result is the highest in the 7-year history of the survey.

Inflation expectations have until now been stubbornly flat for a Federal Reserve that is looking to push prices higher. Watch on Friday for an update on consumer expectations for inflation which have, like actual consumer prices as evidenced by today's CPI report, been moving higher though very slowly.

Definition
The Atlanta Fed's Business Inflation Expectations survey provides a monthly measure of year-ahead inflation expectations and inflation uncertainty from the perspective of firms. The survey also provides a monthly gauge of firms' current sales, profit margins, and unit cost changes.
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